Pharmaceutical Goods Price in South Korea - 2022

Contents:

1. Pharmaceutical Goods Price in South Korea (CIF) - 2022
2. Pharmaceutical Goods Price in South Korea (FOB) - 2022
3. Pharmaceutical Goods Imports in South Korea
4. Pharmaceutical Goods Exports in South Korea

Pharmaceutical Goods Price in South Korea (CIF) - 2022

In December 2022, the average pharmaceutical goods import price amounted to $124K per ton, falling by -6.6% against the previous month. In general, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in February 2022 an increase of 18% against the previous month. Over the period under review, average import prices hit record highs at $173K per ton in March 2022; however, from April 2022 to December 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Mexico ($409K per ton), while the price for Costa Rica ($34,452 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by China (+2.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Pharmaceutical Goods Price in South Korea (FOB) - 2022

The average pharmaceutical goods export price stood at $148,368 per ton in 2022, surging by 6.9% against the previous year. In general, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, pharmaceutical goods export price increased by +54.3% against 2015 indices. The growth pace was the most rapid in 2019 when the average export price increased by 15% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($266,227 per ton), while the average price for exports to the Philippines ($64,570 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+17.6%), while the prices for the other major destinations experienced more modest paces of growth.

Pharmaceutical Goods Imports in South Korea

In 2022, pharmaceutical goods imports into South Korea expanded modestly to 2.3K tons, growing by 2.2% on the previous year. The total import volume increased at an average annual rate of +4.0% over the period from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 11% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, pharmaceutical goods imports amounted to $317M in 2022. The total import value increased at an average annual rate of +2.4% from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 6.5% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Top Suppliers of Pharmaceutical Goods to South Korea in 2022:

1. China (346.0 tons)
2. Japan (314.3 tons)
3. Italy (286.9 tons)
4. United States (249.1 tons)
5. Germany (205.5 tons)
6. Austria (185.6 tons)
7. Dominican Republic (150.6 tons)
8. France (96.6 tons)
9. Canada (71.4 tons)
10. Vietnam (63.2 tons)
11. Spain (60.9 tons)
12. Costa Rica (57.0 tons)
13. Mexico (52.7 tons)

Pharmaceutical Goods Exports in South Korea

In 2022, exports of pharmaceutical goodses from South Korea reached 1.2K tons, surging by 10% compared with 2021 figures. The total export volume increased at an average annual rate of +4.7% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 29% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, pharmaceutical goods exports soared to $183M in 2022. Over the period under review, total exports indicated buoyant growth from 2019 to 2022: its value increased at an average annual rate of +10.5% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +57.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 33% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Top Export Markets for Pharmaceutical Goods from South Korea in 2022:

1. China (216.0 tons)
2. Japan (153.7 tons)
3. Russia (108.2 tons)
4. Turkey (59.5 tons)
5. Vietnam (54.2 tons)
6. United States (51.2 tons)
7. Egypt (50.1 tons)
8. Poland (33.4 tons)
9. Taiwan (Chinese) (28.2 tons)
10. France (25.8 tons)
11. Philippines (25.0 tons)
12. United Arab Emirates (23.4 tons)
13. Hong Kong SAR (20.6 tons)

Source: IndexBox Market Intelligence Platform